Professional indemnity is important for anyone who is giving advice. As a Healthcare Management Consultant your clients are relying on your advice to improve and further their business success. Occasionally things wont go to plan; no matter how experienced you are.
Situations can arise where you are held personally responsible and liable for your advice (or the services you have provided) where you have caused a financial loss for your client. Having to defend and fund such a claim yourself can put your personal assets at risk and cause devastating financial, not to mention emotional, strain.
As a professional, you need to be able to defend yourself against allegations regarding your professional conduct and advice. Having a professional indemnity policy will ensure that you can do this successfully.
Why do I need Professional Indemnity Insurance?
Even though you work within a team environment, you may also have a personal exposure for the health care you provide and/or supervise. Most do not realise that even in full employment situations, they may not be fully covered by their employer’s insurance policy.
If you are an employee, your employer has a policy for ‘vicarious liability’ which covers them for any claims arising out of your acts or omissions.
Unfortunately, this does not mean that you do not have a personal liability as well. In a claims situation, the claimant may seek compensation from both the employer AND the healthcare professional responsible.
Sure, you may be entitled to indemnity from your employer, but this will depend on the statutory laws in your state and whether there is any indemnity from your employer built into your employment contract. Many health professionals do not check or know what their insurance status is under their employment contract. Don’t just assume you are covered; indemnity might not exist as a ‘right’ – nor is an employer required by law to hold an insurance policy for all other protection.
It is also important to remember that the cover on this type of insurance policy can vary greatly depending on the employer’s chosen provider. You may not be given enough protection and may not receive independent representation.
Why should I get personal Professional Indemnity cover?
Having your own policy also means you will be covered if you choose to move to a different employer. Yes you will need to let your insurer know first that you have changed jobs, or if your duties have changed; but it is far easier for you to update your insurer then check and double check your employment contract every time you change jobs.
If you are a contractor or consultant, you may need to have your own insurance. A professional indemnity policy is a must-have cover that forms part of a suite of insurances that you should hold as a sole-trader or business operator.
What does the Professional Indemnity policy cover?
The policy will cover you (the insured) for civil liability claims made against you for compensation, claimant costs and expenses resulting from your professional services. The policy also covers the legal costs for your defence at a hearing, coronial investigaiton or enquiry – this cover is limited to $100,000.
This policy will not pay for any penalty or fine imposed on you as a result of the hearing or enquiry.
Who can we provide Professional Indemnity cover for?
- Practice Managers
- Healthcare Program Managers
Individual Professional Indemnity policy, superior cover, affordable cost: hpi online
We understand that to ensure peace of mind, health professionals need quality cover at an affordable rate. That is why our Professional Indemnity policy includes cover for:
- Public Liability INCLUDED
- Compensation for court attendance
- Continuous cover
- Extended reporting period
- Good samaritan acts
- $100,000 enquiry costs
- Joint venture liability
- Legal consultation
- $250,000 lost documents
- $25,000 public relations expenses
- Run-Off cover
- Spousal liability
- $250,000 statutory liability
In 2015, after 8 years with the same insurer, I chose to compare the market for my professional indemnity insurance and I’m glad I did. hpi online had an AHPRA compliant policy that saves me over $150 per year compared to what I was paying. I would definitely recommend them to my industry peers and colleagues.
The Professional Indemnity insurance policy I obtained through HPI Online not only met my legal and risk requirements, but came with terrific service and a great price. I’ll definitely be renewing my policy with them next year. Thanks guys!
I have used hpi online for my PI insurance for 3 years now. The team is friendly, they know their stuff and the price is fantastic. They make the whole process very simple.
The team at HPI online were very helpful and had the knowledge and understanding of what I provide and how I should be insured. They helped me with correctly insuring my newest scope of practice with ease and efficiency.
A nice easy process to get a competitive price on my indemnity insurance. No fuss and their policy ticked every box for my requirements.